" class="no-js "lang="en-US"> Lightspeed to acquire ShopKeep to accelerate Digital Transformation of SMBs across the United States - Fintech Finance
Friday, March 29, 2024

Lightspeed to acquire ShopKeep to accelerate Digital Transformation of SMBs across the United States

Lightspeed POSInc. , a leading provider of cloud-based, omnichannel commerce platforms, today announced it has entered into a definitive agreement to acquire ShopKeep Inc. (ShopKeep), a leading cloud commerce platform provider based in New York City. This acquisition reinforces Lightspeed’s status as a clear category leader for complex retailers and restaurateurs seeking to modernize their operations as the global economy undergoes unprecedented digital acceleration

COVID-19 is forcing independent businesses to urgently replace legacy point-of-sale systems in order to remain operational and safely adapt to evolving consumer behaviors. The scale achieved by the combination of Lightspeed and ShopKeep presents retail and restaurant business owners in the United States with enhanced resources to pivot their operations. Lightspeed’s analytics, loyalty, eCommerce, and payments modules, in addition to its multi-location solution, will offer ShopKeep’s customer base the opportunity to enhance their capabilities.

The acquisition immediately expands Lightspeed’s U.S. market share, allowing for increased investment in sales, marketing, and research and development to capitalize on the increasing demand for modern, cloud-based, omnichannel commerce solutions. Following the closing of the acquisition, Lightspeed will serve over 100,000 customer locations1 worldwide, generating approximately $33 billion USD in gross transaction volume2 (GTV).

“ShopKeep’s commitment to enabling independent businesses to dream big and rise above industry and economic challenges is deeply aligned with our own mission to power the future of commerce,” said Dax Dasilva, Founder and CEO of Lightspeed. “This acquisition will bring ShopKeep merchants, small and medium-sized businesses that make up the backbone of the U.S economy, into the Lightspeed family, providing them even more crucial product innovation and world-class support as they drive the reinvention of American commerce.”

The acquisition will generate strong expected synergies resulting from increased GTV, the ability to leverage integrated go-to-market resources and a combined payments opportunity. Once closed, Lightspeed’s acquisition of ShopKeep will follow the successful integration of multiple premier platforms that experienced accelerated growth following their acquisitions by Lightspeed, including that of Montréal-based Chronogolf, Sydney-based Kounta and Berlin-based Gastrofix.

“We believe uniting with Lightspeed highlights and amplifies our shared vision to deliver industry leading commerce enablement for small and medium-sized businesses,” said Michael DeSimone, CEO of ShopKeep. “Our partnership sets the stage to help business owners navigate through challenging times, keep pace with rapid change and adapt quickly to meet the rising demands of today’s customers.”

  1. Marco Santos to Become CEO of GFT Technologies SE Read more
  2. PayPal Plans to Appoint Carmine Di Sibio to Board of Directors  Read more
  3. Yapily Named a Supplier on Crown Commercial Service’s Open Banking DPS Framework Read more
  4. allpay Appointed as Official Supplier on Crown Commercial Service’s Open Banking and Fund Administration & Disbursement Services Dynamic Purchasing Systems Read more
  5. Oliver Wyman Announces Mariya Rosberg as Americas Head of Banking and Financial Services Practice Read more